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Aquina Health: Addressing a Broken RCM System
Trenton Favor, VP of Sales & Business Development, Aquina Health
Medical practice owners are at the liberty of payors to expedite claims reimbursement. It typically takes around two months for claims reimbursement to take place and many of these practices are smaller businesses themselves that have a narrow margin of error around making payroll, paying rent, buying new equipment, and so on. All these put a financial strain on them. “We set out to create a product and a platform that reduces Days Sales Outstanding (DSO) from as long as 55 days to nearly zero days,” says Trenton Favor, VP of Sales & Business Development at Aquina Health. The company helps practices have a more normalized cash flow so they can focus on client growth, expansion opportunities, and other business-related operations. “Our financial solutions allow our customers the flexibility to accelerate payments and normalize cash flows with a simple, automated process,” adds Favor.
Aquina Health helps medical professionals nationwide in growing their business by providing capital, accelerating cash flow, and delivering financial flexibility through their Via, Praxis, and Curae applications. These tools deliver a seamless, integrated experience for providers, administrators and revenue cycle managers. “This validates our success in designing a platform with our client needs in mind,” says Favor.
Although electronic health records have helped standardize reimbursement prices, care has suffered. Providers currently spend more time on a screen instead of counseling patients which has strained the doctor-patient relationship. With Aquina’s automated claims advance program called Via, practices can directly submit a copy of the medical bills and receive up to 50 percent of the cost on the same day. This can be reimbursed by the practices when their payers repay them at a low processing charge of around 1 percent.
Our financial solutions allow our customers the flexibility to accelerate payments and normalize cash flows with a simple, automated process
With Via, the practice owners can choose which claims to expedite, or simply auto fund all payers. This way they can choose to expedite only the slowest or most expensive claims, putting them in complete control. The fully-automated process enhances their financial portfolio and allows them to get paid without changing the workflow. “Via represents the new way to manage reimbursements,” says Trenton Favor, Aquina’s VP of Sales & Business Development. “In the new normal for accelerated claims, we put the practice owners front and center, and give them access to a powerful tool that can change the way they grow and manage their practice.”
The company also offers Praxis, a tool that allows practice owners to apply online to get the working cash needed to grow their business. Then, a proposal is created within 24 hours, and the funding is provided in a few days time. Unlike others in FinTech space, Aquina understand how practices operate. Instead of offering daily payment options it offers weekly payments and at a lower cost compared to its competitors. “This allows a practice to remit slowly and ensures our solution has a positive impact on the practice,” says Favor. Thanks to Praxis, the fixed payments are calculated to be only a small percentage of a practice’s revenue making it very easy to manage.
Additionally, they also have a program, Curae, which provides patients with financing when needed. This offers a multitude of financing programs, without affecting their credit score. This financing can be provided within two business days of the patient’s service. Additionally, Aquina’s financing partners bill the patients directly so that the practice owners’ staff do not have the added burden.
Aquina considers itself to be one of the only technology companies that offer healthcare payment solutions that are simple, trusted, and complete. “We believe the revenue cycle model in healthcare is fundamentally broken and we exist to empower providers to serve more patients,” says Favor. Headquartered in Atlanta, Aquina works with clients across the U.S.
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